HONG KONG 2014 SALARY & EMPLOYMENT FORECAST

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1 HONG KONG 2014 SALARY & EMPLOYMENT FORECAST

2 CONTENTS Welcome 3 Market Overview 4 Finance 11 Financial Services 19 Human Resources 34 Legal 43 Marketing 54 Procurement & Supply Chain 64 Property & Construction 73 Retail & Sourcing 82 Sales 91 Technology 100 Contact Us 111 2

3 WELCOME Welcome to the 2014 Michael Page Salary & Employment Forecast report for Hong Kong. Consistent with previous years, this report provides senior executives and professionals with useful insights into salary forecasts and expectations, hiring intentions and recruitment challenges over the next 12 months. Our national annual salary survey, completed by over 500 employers this year, covers a range of issues and trends relevant to today s corporate sector and establishes the Salary & Employment Forecast as a highly reputable market leading report, based on in-depth national research. Whilst there are a number of current industry surveys that provide qualitative insight on hiring intentions and salary levels, the Michael Page Salary & Employment Forecast combines quantitative and qualitative research with our extensive involvement in the senior executive and professional employment market. Our clients come from all major industry sectors and range from market leading multinationals to local and small and medium sized enterprises. Consistent with our specialist approach to recruitment where we have dedicated teams of specialists servicing each discipline, market or industry sector, the report provides detailed salary guides for each discipline and industry. Salary tables divide job types by years of experience or size of organisation in order to obtain accurate and concise salary ranges. Retail & Sourcing Sales Technology The results of our survey to employers are represented visually through the use of infographics. Featured is a range of employer insights on everything from workplace benefits and working hours to attraction and retention strategies. The market observations that accompany these are based on the extensive knowledge of our senior leadership team at Michael Page. It forms part of a suite of salary advice and information available to the market from Michael Page. These features can be found at I wish to thank everyone who contributed to this year s Salary & Employment Forecast and trust you will find it helpful and informative. We welcome your feedback and encourage you to contact us for further information or market specific advice at Kind regards, Andy Bentote Senior Managing Director, Hong Kong & Southern China Our areas of specialisation are: Finance Financial Services Human Resources Legal Marketing Procurement & Supply Chain Property & Construction Finance 3

4 MARKET OVERVIEW Overall, Hong Kong s employment market in 2013 performed steadily across most industries. Employers continued to hire, albeit with an enhanced focus on ensuring they found the very best person for the job. There was particular investment in revenue-generating roles especially across the services sector as companies focused on getting their sales teams right. The financial services sector also experienced a strengthening in confidence, particularly at the mid tier level. A steady recruitment market is anticipated for 2014, with the majority of companies and hiring managers fairly optimistic. The recruitment market continues to become more competitive and the retention and attraction of high performers remains a key challenge for employers. Great candidates are hard to find and the best talent will have multiple job opportunities. Companies will therefore need to work on making the recruitment process as efficient as possible and balancing the interview process in terms of being thorough and testing potential employees in a relevant way, while moving quickly to secure good talent. With some signs of slight growth in the US and the UK economies, this is filtering through to the local market given the significant number of multinational companies operating in Hong Kong. If growth offshore continues to improve it will have a positive impact on hiring in In terms of China, growth rates have slowed slightly but are still considerably ahead of Western countries and many global firms are focused on penetrating this market as consumer spending remains high. This is fuelling industrial production and headcount in Hong Kong is likely to continue to grow accordingly. While Hong Kong continues to attract companies looking to establish a presence and launch into the Asia region, in part due to the ease with which companies can set up and do business, others are moving their head offices to Shanghai and Singapore. Typically, the more established companies are looking at where else is available and Hong Kong will need to compete by positioning itself as attractive a destination as possible. However, Hong Kong remains a key hub for global companies looking to enter the China region, and talent continues to be in short supply. The Information Technology and digital space continues to develop at a fast pace due to the evolution of technology social media, web applications, smart phones and tablets. Companies are developing applications in-house however the skills and expertise in the market lags as technology grows faster than the pool of talent with the skills to deliver on it. In light of this there is an extremely high requirement for Application Developers, particularly in commercial technology and banking technology, as well as UI/UX Designers for smart phones, tablets and web applications. From a regional perspective, while Hong Kong is a relatively mature market there is room for development within local companies based in the Kowloon/New Territories area that are looking to expand. Retention of best performers continues to be the main hurdle for organisations in Hong Kong to overcome, as evidenced by the average tenure of professionals in a role being one to two years. Employee benefits remain important for staff retention while hiring managers will need to make sure the interview process is as strong as possible and strikes the balance between testing people and acting quickly to secure talented professionals. As an employment market, Hong Kong remains somewhat immature with regards to employee benefits the prime motivator used is money and companies in Hong Kong have not grasped the importance of non-financial benefits such as workplace flexibility to the extent employers in more developed regions have. While the Hong Kong recruitment market will be good throughout 2014 it will be important for employers and employees to be at the top of their game, whether looking for a new job or hiring/retaining staff. Employers with the best hiring strategy will be the most successful while the most prepared and focused jobseekers will get the best opportunities. Hong Kong is known to be a competitive and fair market and one that rewards great performance so hiring employers not up to scratch will be beaten by competitors while unprepared jobseekers not at the top of their game will miss out on the best opportunities. Recruitment is expected to be active in 2014 in a number of areas including retail, as ongoing consumer spending and international retailers setting up new Asia headquarters creates demand for skilled retail staff. Consumer spending activity is also resulting in the need for experienced sales professionals across all industries, especially those with experience working in China. Meanwhile, the banking sector has improved and this has led to hiring within mid tier financial institutions setting up in Hong Kong, primarily small to medium sized international banks. Areas where talent is hard to find include compliance, audit and risk while within retail banking experienced Relationship Managers are in short supply. Finance 4

5 MARKET OVERVIEW RECRUITMENT ACTIVITY Strength of current hiring activity compared to the last 12 months Expectation of a professional skills shortage in the next 12 months Stronger (11%) Slightly stronger (21%) Steady (52%) 41% 38%? Slightly weaker (12%) Weaker (4%) 21% Skills shortage placing upwards pressure on salaries Impact of skills shortage on business in Hong Kong over the next 12 months 44% Yes, it will cause salaries to rise above the inflation rate (59%) Yes, salaries will increase but only at the rate of inflation (30%) 26% 18% 9% 3% No, the skills shortage will not impact salary levels (11%) Need to develop more targeted attraction strategies It will be difficult to maintain headcount Source talent from overseas None Other (localisation, internal transfers, heavier workload, flexible hiring, etc) Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team. Finance 5

6 MARKET OVERVIEW SALARY AND REMUNERATION Salary increases over the next 12 months Average percentage salary increases over the next 12 months 9% All my employees will receive the same percentage increase 74% 1% - 5% 6% - 10% 11% - 15% 71% 24% 5% All my employees will receive an increase, but it will vary according to performance 13% Only my best performing employees will receive an increase 4% No-one in my team will receive an increase Combination of factors likely to impact salary levels in the next 12 months* 60 % Global economic conditions 58 % 52 % 11 % 6 % 2 % Domestic economic conditions Competition with other companies Other (business and employee performance, market conditions, inflation, etc) Not sure Don't expect any factors to impact salaries Finance 6

7 MARKET OVERVIEW SALARY AND REMUNERATION Flexible salary packaging or fringe benefits offered to employees 63% Companies providing bonus as part of the remuneration package 37% 88% 12% Basis for bonuses over the next 12 months Average percentage bonus of gross salary Team performance Other 1% - 5% 12% 6% - 10% 33% Company performance 18 % 3 % 3 % 20 % Individual performance 11% - 15% 16% - 20% 24% 11% 21% - 30% 5% 31% - 40% 4% Above 40% 11% 56 % Combination of all * More than one option could be selected. Finance 7

8 MARKET OVERVIEW ATTRACTION AND RETENTION Employer expectations for staff turnover in the next 12 months Most popular options offered to support employees work-life balance* 51% 52% Flexible working arrangements 27% 45% Team building / offsite activities 22%? 20% 19% Sabbatical leave Alternative leave options (e.g. volunteering) 18% Increased maternity / paternity leave 13% Other (no overtime, gym, improve work process, sporting activities, etc) Key reasons employees are likely to leave $ 39% 25% 16% 14% 5% 1% Improve salary Broaden experience / opportunity to learn Achieve better work-life balance Gain more seniority Other (restructure, personal reasons, professional reasons, etc) Better training and support * More than one option could be selected. Finance 8

9 MARKET OVERVIEW ATTRACTION AND RETENTION Most popular tools for attraction and retention Combination of benefits offered to employees* Global career opportunities Strong company culture Structured career progression Work-life balance initiatives Recognition and rewards Training and mentoring partnerships 39% 14% 14% 12% 11% 10% 85 % 82 % 50 % 28 % 16 % 12 % 12 % 9 % Medical and dental benefits Bonus Mobile phone Transport allowance Car parking Company car Other (staff discounts, allowances, education, travel, insurance, etc) Gym membership 6 % Personal loan 3 % None Other strategies companies implement to attract and retain staff Employee awards and engagement program Flat structure and good communication Business growth and financial stability Corporate branding Competitive compensation and benefits package Graduate/management trainee programs Stable working hours Work-life balance initiatives Buy-back package Expand job scope and internal transfers Study allowance * More than one option could be selected. Finance 9

10 MARKET OVERVIEW WORKING HOURS Average weekly working hours Less than 37.5 hours hours hours hours 51 hours or more 2 % 14 % 48 % 27 % 9 % Change in average weekly working hours over the last 12 months Significantly increased (4%) Increased (22%) Stayed the same (71%) Reduced (3%) Main reason for increased working hours 62% 16% 13% 8% 1% Business growth Fewer headcount Other (increased workload, changed expectations, restructure, ad hoc projects, etc) Staff leaving Promotion Finance 10

11 SALARY & EMPLOYMENT FORECAST HONG KONG 2014 FINANCE Finance

12 FINANCE MARKET ANALYSIS RECRUITMENT ACTIVITY Strength of current hiring activity compared to the last 12 months Expectation of a professional skills shortage in the next 12 months Stronger (10%) Slightly stronger (21%) Steady (58%) Slightly weaker (6%) Weaker (5%) 31% 46%? 23% Market observations: Currently, hiring activity for finance professionals in Hong Kong is stable and is showing signs of positive growth in Recruitment activity is highest in the areas of professional services, retail and fast-moving consumer goods (FMCG) as an increased amount of disposable income and consumer spending fuels growth in these sectors. Hong Kong-based professionals are also in demand within real estate as growth is also strong in this sector, with many local and global developers operating in China creating numerous transactions that involve Hong Kong listed firms. Financial Planning and Analysis (FP&A) professionals are highly soughtafter as many companies look to hire qualified professionals to work as business partners providing analysis and insights on opportunities for business growth in Asia. Financial Accountants are required within global businesses for regulatory and financial reporting and to ensure compliance with local listing requirements. Local treasury skills are in demand, coupled with the ability to build relationships with local and emerging banks. Over the next 12 months, recruitment for finance professionals in Hong Kong is expected to remain positive with Hong Kong remaining a key hub for global companies looking to enter the China region, and talent continues to be in short supply. The United States market is showing signs of growth, businesses are now more optimistic about the future compared with 12 months ago and as unemployment decreases in the United States and the United Kingdom, employers in Asia are confident about hiring. Growth rates in China have slowed slightly but are still considerably ahead of Western countries and many global firms are focused on penetrating this market as consumer spending remains high. This is fuelling industrial production and headcount is likely to continue to grow accordingly. FP&A and financial accounting talent is expected to continue to be in demand. Mid-sized service providers, retailers and business-toconsumer (B2C) companies are expanding their regional business operations based out of Hong Kong and are expected to strengthen accounting and internal control teams in There will be an increased requirement for internal audit and financial control staff as many companies look for possible growth avenues, including initial public offering (IPO). Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team. Finance 12

13 FINANCE RECRUITMENT ACTIVITY Skills shortage placing upwards pressure on salaries Yes, it will cause salaries to rise above the inflation rate (55%) Yes, salaries will increase but only at the rate of inflation (30%) No, the skills shortage will not impact salary levels (15%) Impact of skills shortage on business in Hong Kong over the next 12 months 49% 21% 15% 9% 6% Need to develop more targeted attraction strategies It will be difficult to maintain headcount Source talent from overseas None Other (localisation, heavier workload, etc) Finance 13

14 FINANCE SALARY AND REMUNERATION Salary increases over the next 12 months Average percentage salary increases over the next 12 months 10% All my employees will receive the same percentage increase 76% 1% - 5% 6% - 10% 11% - 15% 68% 26% 6% All my employees will receive an increase, but it will vary according to performance 10% Only my best performing employees will receive an increase 4% No-one in my team will receive an increase Market observations: Average salary increases of 3% - 5% are likely to be awarded to finance professionals in Hong Kong over the coming year. Senior finance professionals who have a significant impact on the business are anticipated to be rewarded with a higher bonus by employers looking to retain talent. Combination of factors likely to impact salary levels in the next 12 months* 65 % Global economic conditions 63 % 48 % 9 % 4 % 1 % Domestic economic conditions Competition with other companies Other (business and employee performance, market conditions, inflation, etc) Not sure Don't expect any factors to impact salaries * More than one option could be selected. Finance 14

15 FINANCE SALARY AND REMUNERATION Flexible salary packaging or fringe benefits offered to employees Companies providing bonus as part of the remuneration package 62% 38% 86% 14% Basis for bonuses over the next 12 months Average percentage bonus of gross salary Team performance 1% - 5% 5% Other 6% - 10% 35% Individual performance 2 % 8 % 19 % 12 % Company performance 11% - 15% 16% - 20% 31% 10% 21% - 30% 7% 31% - 40% 2% Above 40% 10% 59 % Combination of all Finance 15

16 FINANCE ATTRACTION AND RETENTION Employer expectations for staff turnover in the next 12 months 45% Key reasons employees are likely to leave $ 30% 50% 25%? 18% 16% 10% 4% 2% Improve salary Broaden experience/ opportunity to learn Gain more seniority Achieve better work-life balance Other (restructure etc) Better training and support Most popular tools for attraction and retention 48% Global career opportunities Strong company culture Training and mentoring partnerships Structured career progression Work-life balance initiatives Recognition and rewards 18% 12% 10% 8% 4% Most popular options offered to support employees work-life balance* 18% 17% 23% 44% 54% Flexible working arrangements Team building / offsite activities Alternative leave options (e.g. volunteering) Increased maternity / paternity leave Sabbatical leave Market observations: A combination of rewards such as base salary, discretionary bonus, healthcare benefits, retirement benefits, travel allowances and staff discounts will be offered to employees. In an effort to attract and retain the best staff, in addition to competitive remuneration packages, many employers will actively promote positive company culture including involvement in Corporate Social Responsibility programs, offer international rotation programs and training, career development opportunities, as well as improved worklife balance initiatives. In general, finance professionals place more emphasis on base salary and bonus than other fringe benefits. 11% Other (no overtime, gym, improve work process, etc) * More than one option could be selected. Finance 16

17 FINANCE ATTRACTION AND RETENTION Combination of benefits offered to employees* 81 % 78 % Medical and dental benefits Bonus 45 % 22 % 19 % 17 % 12 % 6 % 5 % 2 % Mobile phone Transport allowance Car parking Other (allowances, education, insurance, etc) Company car Personal loan Gym membership None WORKING HOURS Average weekly working hours Less than 37.5 hours hours hours hours 51 hours or more 1 % 13 % 55 % 25 % 6 % * More than one option could be selected. Finance 17

18 FINANCE SALARY TABLES COMMERCE & INDUSTRY Role Years of experience Salary HK$ 000 Commerce & Industry Assistant Accountant (PQ / Qualified) Accountant (PQ / Qualified) Financial Analyst / Business Analyst Senior Accountant (Qualified) Senior Financial Analyst Country Finance Manager Regional Finance Manager Financial Planning and Analysis Manager Regional Business Unit Controller ,200 Plant Controller, China ,100 Country Financial Controller ,000 Head of Financial Planning and Analysis ,400 Head of Mergers and Acquisitions 12+ 1,200 2,000 Regional Financial Controller ,250 Country Financial Director 15+ 1,000 1,300 Group Financial Controller (Listed Group) 15+ 1,200 1,600 Regional Finance Director 15+ 1,200 2,000 Chief Financial Officer (Established Company) 18+ 1,800 3,000 BUSINESS DEVELOPMENT (FINANCE) Role Years of experience Salary HK$ 000 Business Development Manager Business Development Director ,600+ Please note: 1. Salaries indicated are based on an annual basic salary (12 month), excluding bonus / incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. Finance 18

19 SALARY & EMPLOYMENT FORECAST HONG KONG 2014 FINANCIAL SERVICES Financial Services

20 FINANCIAL SERVICES MARKET ANALYSIS RECRUITMENT ACTIVITY Strength of current hiring activity compared to the last 12 months Market observations: Stronger (10%) Slightly stronger (27%) Steady (40%) Slightly weaker (15%) Weaker (8%) With steady economic recovery in the US and the debt crisis in Europe stabilising, there is a more positive outlook for Hong Kong s financial services industry. The local banking sector has maintained healthy growth over the last 12 months characterised by steady credit expansion and more favourable liquidity conditions. The nature of Hong Kong s banking system is changing rapidly as banks increase their China-related lending and Hong Kong companies derive an increasing part of their business from China. Banks in Hong Kong will experience some growth in 2014, as with strong capital positions by international standards and sound asset quality, they will be well placed to meet the new capital requirements under the Basel III framework. To ensure these requirements are met corporate governance experts continue to be in high demand. The highest demand for financial services talent will be within risk and compliance, internal audit and governance as banks further develop controls and specific areas like anti-money laundering (AML) and financial crime units in response to local and global regulatory changes. In Hong Kong, Chinese institutions are pushing into the private banking market and competition for private bankers has intensified. Moreover, Hong Kong s private banking industry has seen robust growth in the last couple of years and this is set to continue. Higher recruitment activity is also being seen across a number of rating agencies looking to expand their Asia operations. Ratings agencies have been expanding their corporate ratings teams since the increased number of originated debt capital markets transactions and bond issuances in Asia Pacific in the first half of These firms have hired Analyst to VP level professionals coming from investment banking division (IBD), credit research and ratings advisory backgrounds with fluent to native level Mandarin. A continuous demand is expected for Ratings Analysts during 2014 and a shift of mindset of IBD professionals to move to fixed income and credit analyst roles. There is an increase in hiring activity for audit professionals, particularly Information Technology (IT) audit roles, within global markets, corporate banking and retail banking businesses. These are mostly replacement hires for professionals that have moved internally to either a compliance or operational risk management role. Increased initial public offering (IPO) activity has created high demand for associate level originators in investment banking. There will also be an increase in hiring for senior level IBD and research roles as firms look to up-skill talent. Relationship Managers in banks and non-banking financial institutions, Large Corporate Relationship Managers and research professionals on the buy-side and sell-side at the associate and vice president level are also in demand. Hiring activity levels are likely to increase across Chinese banks and language proficiency in Cantonese, Mandarin and English will be essential for financial services professionals in Hong Kong. Demand is expected for Credit Risk Analysts and Equity Compliance Managers with experience with both Hong Kong Monetary Authority (HKMA) and securities futures commission (SFC) regulators. Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team. Financial Services 20

21 FINANCIAL SERVICES RECRUITMENT ACTIVITY Expectation of a professional skills shortage in the next 12 months Skills shortage placing upwards pressure on salaries Yes, it will cause salaries to rise above the inflation rate (50%) 38% 48%? Yes, salaries will increase but only at the rate of inflation (50%) 14% Impact of skills shortage on business in Hong Kong over the next 12 months 33% 22% 22% 12% 11% Need to develop more targeted attraction strategies It will be difficult to maintain headcount Source talent from overseas None Other (internal transfers, flexible hiring, etc) Financial Services 21

22 FINANCIAL SERVICES SALARY AND REMUNERATION Salary increases over the next 12 months Average percentage salary increases over the next 12 months 6% All my employees will receive the same percentage increase 57% 1% - 5% 6% - 10% 11% - 15% 73% 18% 9% All my employees will receive an increase, but it will vary according to performance 33% Market observation: Only my best-performing employees will receive an increase 4% No one in my team will receive an increase Combination of factors likely to impact salary levels in the next 12 months* Average internal salary increases are expected to range between 3-7% for financial services professionals in Hong Kong over the next 12 months. Companies looking to attract new talent are expected to offer salary increases of up to 15-25% depending on company and individual skill sets. Well performing asset management and insurance businesses have been paying at the top end of this scale. Likewise experts within risk and compliance, specifically with sanctions and AML skill sets, are expected to attract a 20-25% increase in salary. 67 % Global economic conditions 61 % 45 % 16 % 2 % Competition with other companies Domestic economic conditions Other (business and employee performance, etc.) Not sure * More than one option could be selected. Financial Services 22

23 FINANCIAL SERVICES SALARY AND REMUNERATION Flexible salary packaging or fringe benefits offered to employees Companies providing bonus as part of the remuneration package 60% 40% 90% 10% Basis for bonuses over the next 12 months Average percentage bonus of gross salary 26 % Individual performance 1% - 5% 6% - 10% 11% - 15% 16% - 20% 4% 11% 19% 37% 74 % Combination of individual, team and company performance 21% - 30% 11% 31% - 40% 11% Above 40% 7% Financial Services 23

24 FINANCIAL SERVICES ATTRACTION AND RETENTION Employer expectations for staff turnover in the next 12 months Key reasons employees are likely to leave 60% 30% $ 10%? 46% 21% 18% 11% 4% Improve salary Gain more seniority Achieve better work-life balance Broaden experience / opportunity to learn Other (combination of all) Most popular tools for attraction and retention Most popular options offered to support employees work-life balance* Global career opportunities Structured career progression Recognition and rewards Strong company culture Training and mentoring partnerships Work-life balance initiatives 43% 18% 11% 11% 11% 6% 67% Flexible working arrangements 35% 31% Team building / offsite activities Increased maternity / paternity leave 29% Alternative leave options (e.g. volunteering) 25% Sabbatical leave Market observations: In an effort to attract and retain the best staff, many employers will offer international rotation programs, career development opportunities, competitive remuneration packages, as well as improved work-life balance initiatives. Companies in the financial services sector will continue to focus on strengthening employer branding to appeal to a broader number of professionals and secure new staff. 8% Other * More than one option could be selected. Financial Services 24

25 FINANCIAL SERVICES WORKING HOURS Combination of benefits offered to employees* 92 % 92 % Bonus Medical and dental benefits 35 % 23 % 19 % 15 % 6 % 4 % 2 % 2 % Mobile phone Transport allowance Gym membership Personal loan Company car Car parking None Other (housing allowances, education, etc.) WORKING HOURS Average weekly working hours Less than 37.5 hours hours hours hours 51 hours or more 2 % 10 % 26 % 38 % 24 % * More than one option could be selected. Financial Services 25

26 FINANCIAL SERVICES SALARY TABLES FINANCE Salary Bonus Role Years of experience HK$ 000 Low % Medium % High % Financial Control Investment Banking Analyst Associate / Assistant Vice President Vice President , Senior Vice President / Director 10+ 1,000 1, Country Chief Financial Officer 12+ 1, Regional Chief Financial Officer 15+ 2, Management Reporting / FP&A Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,000 1, Head 15+ 1, Regulatory Finance Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,000 1, Head 15+ 1, Product Control Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,200 1, Head 15+ 1, Valuations Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,200 1, Head 15+ 1, Please note: 1. Salaries indicated are based on an annual basic salary (12 month), excluding bonus / incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. Financial Services 26

27 FINANCIAL SERVICES FINANCE Salary Bonus Role Years of experience HK$ 000 Low % Medium % High % Tax Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,000, Head 15+ 1, Project Accounting Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,100 1, Head 15+ 1, Fund Accounting Analyst Associate / Assistant Vice President Manager / Vice President Senior Vice President / Director Head Financial Control Investment Management Analyst Assistant Manager Manager Senior Manager , Director 10+ 1, Country Chief Financial Officer 12+ 1, Regional Chief Financial Officer 15+ 1, Financial Control Insurance Analyst Assistant Manager Manager Senior Manager Financial Controller 10+ 1,000 1, Country Chief Financial Officer 12+ 1, Regional Chief Financial Officer 15+ 1, Please note: 1. Salaries indicated are based on an annual basic salary (12 month), excluding bonus / incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. Financial Services 27

28 FINANCIAL SERVICES INTERNAL AUDIT Salary Bonus Role Years of experience HK$ 000 Low % Medium % High % Investment Banking Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,200 1, Head 15+ 1, Investment Management Analyst Associate / Assistant Vice President Manager , Senior Manager ,000 1, Director / Head of Audit 10+ 1, Insurance Auditor Assistant Manager Manager Senior Manager , Director / Head of Audit 10+ 1, Please note: 1. Salaries indicated are based on an annual basic salary (12 month), excluding bonus / incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. Financial Services 28

29 FINANCIAL SERVICES RISK MANAGEMENT Salary Bonus Role Years of experience HK$ 000 Low % Medium % High % Operational Risk Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,200 1, Head 15+ 1, Market Risk Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,400 2, Head 15+ 2, Credit Risk Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,400 2, Head 15+ 2, Quantitative Analysis Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,400 2, Head 15+ 2, Please note: 1. Salaries indicated are based on an annual basic salary (12 month), excluding bonus / incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. Financial Services 29

30 FINANCIAL SERVICES COMPLIANCE Salary Bonus Role Years of experience HK$ 000 Low % Medium % High % Investment Banking Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,400 2, Head 15+ 2, Investment Management Analyst Associate / Assistant Vice President Vice President , Executive Director ,000 1, Head 10+ 1, Insurance Assistant Assistant Manager Manager , Senior Manager ,000 1, Director / Head of Compliance 10+ 1, AML Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,500 2, Managing DirectorHead of Compliance 15+ 2, Please note: 1. Salaries indicated are based on an annual basic salary (12 month), excluding bonus / incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. Financial Services 30

31 FINANCIAL SERVICES OPERATIONS Salary Bonus Role Years of experience HK$ 000 Low % Medium % High % Settlements and Corporate Actions Analyst Associate / Assistant Vice President Vice President Executive Director , Head 15+ 1, Trade and Sales Support Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,300 1, Director / Head 15+ 1, Client Services and Onboarding Analyst Associate / Assistant Vice President Vice President Executive Director , Director / Head 15+ 1, Project Operations Analyst Associate / Assistant Vice President Vice President , Executive Director 10+ 1,300 1, Head 15+ 1, Please note: 1. Salaries indicated are based on an annual basic salary (12 month), excluding bonus / incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. Financial Services 31

32 FINANCIAL SERVICES GLOBAL MARKETS FRONT OFFICE BANKING & MARKETS Salary Bonus Role Years of experience HK$ 000 Low % Medium % High % Corporate Finance Analyst Associate , Vice President ,300 2, Director 10+ 1,500 2, Managing Director 15+ 2, Equity Research Research Associate , Senior Research Associate , Writing Analyst 5 7 1,200 2, Sector Head 7+ 2, Structured and Project Finance Analyst Associate , Vice President 5 7 1,100 1, Director ,600 2, Managing Director 10+ 1, Trader Analyst Associate Vice President , Director , Managing Director 10+ 1, Transaction Banking and Trade & Commodity Finance Analyst Associate Vice President , Director ,200 1, Managing Director 10+ 1, Corporate Banking Relationship Manager Analyst Associate Vice President , Director ,000 1, Managing Director 10+ 1, Please note: 1. Salaries indicated are based on an annual basic salary (12 month), excluding bonus / incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. Financial Services 32

33 FINANCIAL SERVICES GLOBAL MARKETS SECTOR, INVESTMENT MANAGEMENT Salary Bonus Role Years of experience HK$ 000 Low % Medium % High % Investment Research (Equity and Fixed Income) Analyst Associate , Vice President , Director ,600 2, Managing Director 10+ 1, Portfolio and Fund Management Vice President 5 7 1,000 1, Director 7+ 1,400 2, Managing Director 10+ 1, Institutional and Retail Fund Sales & Distribution Analyst Associate Vice President , Director ,300 1, Managing Director 10+ 1, Private Banking Private Banking Assistant Assistant Private Banker Junior Private Banker , Director ,400 2, Managing Director 10+ 2, Private Equity Analyst Associate , Vice President 5 7 1,000 1, Director ,500 2, Managing Director 10+ 1, Please note: 1. Salaries indicated are based on an annual basic salary (12 month), excluding bonus / incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. Financial Services 33

34 SALARY & EMPLOYMENT FORECAST HONG KONG 2014 HUMAN RESOURCES Human Resources

35 HUMAN RESOURCES MARKET ANALYSIS RECRUITMENT ACTIVITY Strength of current hiring activity compared to the last 12 months Market observations: Stronger (11%) Slightly stronger (24%) Steady (50%) Slightly weaker (13%) Weaker (2%) Overall, hiring activity for human resources (HR) professionals in Hong Kong is strong. The Employee Value Proposition holds a lot of interest across all sectors and from a HR perspective, this means that higher employee engagement is imperative, effective leaders must be identified and a high performing culture needs to be created and maintained. Employers within the retail, manufacturing as well as software and services sectors have the strongest demand for HR talent as staff development and talent management is increasingly important in these businesses. HR Managers are in particularly high demand as organisations look to develop this function and look to identify a more strategically minded HR Manager. Learning and Development professionals are also in demand as companies are looking to create a more engaged and productive workforce. Plenty of businesses are re-investing in this function, recognising the need to invest in their people. Inline with attracting the best talent is the importance of brand recognition and over the last 12 months, a lot of companies have put an increased focus on this. With a number of global organisations creating Centres of Excellence to help align international business, more Learning and Development Managers are required to lead global programs. This provides the opportunity for individuals to take on a more global remit, whereas previously these professionals may only have gained experience on a regional, Asia Pacific level. As a consequence of the global financial crisis, there is an increased emphasis across all sectors to achieve the maximum cost efficiency for every role. This has translated into a strong demand for in-house HR to take on a more proactive function, with HR business partners being particularly sought-after. Compensation & Benefits Specialists will be in demand in the coming year as companies seek advice on remuneration packages and restructure benefits policies to strengthen their attraction and retention strategies. Generalist HR candidates will be in demand as companies expand across Asia, creating opportunities for businesses with Hong Kongbased headquarters. As companies look to globalise, there will be a demand for professionals proficient in English and/or Chinese, as well as talent who have worked in multiple countries. Global mobility professionals are also needed as employers look at utilising internal talent and focus on restructuring packages to allow employees from abroad to look at opportunities based in Hong Kong and vice versa. Demand for HR contractors across all sectors is anticipated to increase as some companies struggle to secure permanent headcount. Talent Acquisition Managers are also sought-after as more employers look to attract and retain their best people. Organisations are more focused on creating a supportive work environment, positive work culture and work-life balance. Employers are more focused on developing future leaders and improving the level of staff retention. Companies across all sectors, especially financial services and legal, will seek high calibre HR Managers and Directors who can strategically drive and evolve their HR function from an operational and administrative set up to a more strategic and business aligned function. There is a definite focus from companies looking to identify individuals who demonstrate a long term commitment to the organisation and focus on long term career progression. Note: All infographics in this report are based on the views of survey participants. The accompanying market commentary is based on the experience and observations of the Michael Page team. Human Resources 35

36 HUMAN RESOURCES RECRUITMENT ACTIVITY Expectation of a professional skills shortage in the next 12 months Skills shortage placing upwards pressure on salaries 40% 32%? 28% Yes, it will cause salaries to rise above the inflation rate (60%) Yes, salaries will increase but only at the rate of inflation (36%) No, the skills shortage will not impact salary levels (4%) Impact of skills shortage on business in Hong Kong over the next 12 months 36% 35% 20% 7% 2% Need to develop more targeted attraction strategies It will be difficult to maintain headcount Source talent from overseas None Other (heavier workload, etc) Human Resources 36

37 HUMAN RESOURCES SALARY AND REMUNERATION Salary increases over the next 12 months Average percentage salary increases over the next 12 months 9% All my employees will receive the same percentage increase 78% 1% - 5% 6% - 10% 11% - 15% 80% 18% 2% All my employees will receive an increase, but it will vary according to performance 9% Only my best performing employees will receive an increase 4% No-one in my team will receive an increase Combination of factors likely to impact salary levels in the next 12 months* Market observations: Average internal salary increases of 1-5% are likely to be awarded to HR professionals in Hong Kong in the coming year. Companies looking to attract new talent are expected to pay salary increases of 10-15% depending on individual skill sets. HR Directors, HR Business Partners as well as Learning and Development Managers are likely to receive above average salary rises as these professionals are expected to be in the strongest demand over the next 12 months. HR professionals with strong English, Cantonese and Mandarin language skills, as well as regional experience and team management skills are also likely to see a higher increase in salary. 65 % Domestic economic conditions 57 % 49 % 12 % 9 % 3 % Global economic conditions Competition with other companies Other (business and employee performance, market conditions, etc.) Not sure Don't expect any factors to particularly impact salaries * More than one option could be selected. Human Resources 37

38 HUMAN RESOURCES SALARY AND REMUNERATION Flexible salary packaging or fringe benefits offered to employees Companies providing bonus as part of the remuneration package 56% 44% 91% 9% Basis for bonuses over the next 12 months Average percentage bonus of gross salary Other Team performance 1% - 5% 20% 6% - 10% 34% Individual performance 2 % 2 % Company performance 11% - 15% 19% 16% - 20% 6% 21% - 30% 2% 17 % 22 % 31% - 40% 2% Above 40% 17% 57 % Combination of all Human Resources 38

39 HUMAN RESOURCES ATTRACTION AND RETENTION Employer expectations for staff turnover in the next 12 months Key reasons employees are likely to leave 50% 22% $ 28%? 38% 30% 16% 9% 5% 2% Improve salary Broaden experience / opportunity to learn Achieve better work-life balance Other (restructure, personal reasons, professional reasons, etc.) Gain more seniority Better training and support Most popular tools for attraction and retention Most popular options offered to support employees work-life balance* 34% Global career opportunities Work-life balance initiatives Strong company culture Recognition and rewards Training and mentoring partnerships Structured career progression 18% 16% 13% 13% 6% 21% 17% 49% Team building / offsite activities 43% Flexible working arrangements Sabbatical leave Alternative leave options (e.g. volunteering, ) Market observation: 15% Other (sporting activities, etc) Most HR professionals prefer to receive a mix of financial and nonfinancial rewards from their employer such as discretionary bonus and competitive healthcare packages. Working in a happy and collegiate environment features heavily when candidates are considering a job move. Work life balance is increasingly important when considering an external move. 13% Increased maternity / paternity leave * More than one option could be selected. Human Resources 39

40 HUMAN RESOURCES ATTRACTION AND RETENTION Combination of benefits offered to employees* 86 % 85 % Medical and dental benefits Bonus 51 % 35 % 14 % 12 % 10 % 8 % 6 % 3 % Car parking Company car Gym membership Mobile phone Transport allowance Other (allowances, travel, insurance, etc) Personal loan None WORKING HOURS Average weekly working hours Less than 37.5 hours hours hours hours 51 hours or more 1 % 17 % 49 % 28 % 5 % * More than one option could be selected. Human Resources 40

41 HUMAN RESOURCES SALARY TABLES BANKING & FINANCE Role Years of experience Salary HK$ 000 Human Resources Officer / Coordinator Training and Development Officer Payroll Specialist In-house Recruitment Specialist Learning and Development Advisor Global Mobility Specialist Compensation and Benefits Specialist Human Resources Advisor / Assistant Human Resources Manager Payroll Manager In-house Recruitment Manager ,000+ Learning and Development Manager ,000+ Global Mobility Manager ,400 Compensation and Benefits Manager / Head of Large size organisation ,500+ HRIS Specialist Human Resources Manager / Business Partner Medium size organisation Human Resources Manager / Business Partner Large size organisation , ,200+ Head of Resourcing 7 9 1,000 1,200+ Vice President / Director Learning and Development / Organisational Development Human Resources Director / Business Partner Medium size organisation Human Resources Director / Business Partner Large size organisation 10+ 1,200 1, ,300 1, ,500+ Please note: 1. Salaries indicated are based on an annual basic salary (12 month), excluding bonus / incentive schemes. 2. Market rates are becoming much less uniform. While we have taken great care, these salary ranges can only be approximate guides, as there are often specific circumstances relating to individual companies. Please call us for additional information. Human Resources 41

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